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SC to decide on 'dividend stripping' by mutual funds
The Supreme Court will decide whether mutual fund brokers can resort to a process (dividend stripping) of creating a short-term loss to avoid tax. http://smallpersonalloans.org.uk

Govt asks SFIO to stop Satyam probe to avoid duplication
The government has asked the Serious Fraud Investigation Office (SFIO) to discontinue its enquiry into the siphoning of funds by Satyam Computer to avoid duplication of work as the CBI is trailing the funds parked abroad by the IT company.

News of the day

Dual rated dual GST
The long-awaited meeting of the Empowered Committee of State Finance Ministers (EC) was recently held in Delhi and, as was perhaps expected, the EC has come out with a recommendation on what can legitimately be called a “Dual Rated Dual GST System”. There were expectations in certain quarters that the dual GST would be a single rated one at the Federal and the State level for both goods and services. This has not been possible and the EC has now come out with a dual rate model for goods. There has been no mention of whether there will be a dual rate for services as well but the understanding and expectation is that services will be taxed at just the one rate, at the Federal and State levels respectively. This article discusses the dual rate dual GST model for goods in some detail.
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IT ind revival by 2010; APAc to fuel growth: Gartner

The information technology industry is ending its worst year ever with the worldwide IT spending expected to decline 5.2 per cent in 2009, IT research and advisory firm Gartner said. - Mahindra Satyam to explore New Zealand market with Gen-i - Indian IT firms shrug aside EU tax concern - After IAF, Indian Posts shows interest for NAL Saras - Domestic BPO mkt to touch $6.82 bn by 2013: IDC - "Thermal capacities boost power generation in Sept" - Apollo Tyres to up capacity by 50%, aims top-10 global club However, this industry would return to growth in 2010 with $3.3 trillion of total spending, registering a 3.3 per cent increase from 2009, Gartner said in a report. Meanwhile, the Asia-Pacific IT spending, which is expected to grow 5 per cent to reach $515.6 billion in 2010, represents a fast V-shaped recovery for IT spending in the region, Gartner Research Global Head and Senior Vice-President Peter Sondergaard said. "Emerging regions will resume strong growth...By 2012, the accelerated IT spending and culturally different approach to IT in Asia will directly influence product features, service structures and the overall IT industry. Silicon Valley will not be in the driver"s seat anymore, he said. While software would post the strongest growth in Asia Pacific, telecommunications would still represent the largest area of IT investment, he added.


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